Maximize Market Research, a leading Healthcare business consultancy and research firm has published a report on the “Global Complementary and Alternative Medicine Market”. The total market opportunity for the Global Complementary and Alternative Medicine Market was USD 135.14 Bn in 2023 and is expected to grow at a CAGR of 17.9 percent through the forecast period, reaching USD 362.96 Bn by 2030. The Global Complementary and Alternative Medicine Market is segmented into intervention, product, diseases, and distribution channels for a better understanding of the market structure.
Market Size in 2023: USD 135.14 Billion
Market Size in 2030: USD 362.96 Billion
CAGR: 17.9 Percent
Forecast Period: 2024-2030
Base Year: 2023
Number of Pages: 229
No. of Tables: 138
No. of Charts and Figures: 193
Segment Covered: By Intervention, Product, Diseases, and Distribution Channels
Regional Scope: North America, Europe, Asia Pacific, and Africa, South America
Report Coverage: Market Share, Size and Forecast by Revenue | 2023−2030, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis.
The report on the Global Complementary and Alternative Medicine Market provides a thorough analysis of the market structure and the nature of competition in the market. The Global Complementary and Alternative Medicine Market size was meticulously estimated using a bottom-up approach to understand the market growth. Key insights covered in the report include the major drivers of the market at the global and regional levels, challenges for future growth, and various opportunities due to technical advancements in the market.
Regional analysis is conducted to provide information on the market leaders in various regions, market penetration, and demographic factors affecting the regional Global Complementary and Alternative Medicine industry. For the competitive analysis of the Global Complementary and Alternative Medicine Market, a competitive matrix is made covering market leaders and new entrants. The report presents an overview of each company along with important takeaways based on the revenue generated, financial health, technological advancements, recent developments, mergers and acquisitions, joint ventures, alliances, and marketing tactics.
Data for the analysis was collected using primary and secondary research methods. A mix of qualitative and quantitative analysis was used in the report. Primary research was used to validate the findings from the secondary research. Research tools such as SWOT, PESTLE, and Porter’s Five Force analysis were used to grasp the factors affecting the growth of the Global Complementary and Alternative Medicine Market. Such analysis makes the report an investor’s guide, thereby helping clients make investment and marketing decisions.
Global Complementary and Alternative Medicine Market Overview
Complementary and alternative medicines are medicines that are used for the medical health of a person without the doctor’s prescription. It is not a part of standard care. Further, complementary therapies are used alongside conventional medicines or treatments. Whereas, alternative therapies are used instead of conventional medicines or treatments. However, there is no scientific or medical evidence for some complementary therapies and many alternative therapies. The most significant driver for the market is the increasing interest in and awareness of complementary alternative medicine therapies among the general population. This is likely because many people are dissatisfied with the traditional medical system and are looking for alternatives. The market for complementary and alternative medicine in Asia-Pacific is expanding due to the rise in demand for herbal supplements. In this region, medicinal plants are still widespread hence the market for complementary and alternative medicine in the Asia-Pacific region is expected to grow during the forecast period.
Global Complementary and Alternative Medicine Market Dynamics
The popularity of complementary and alternative treatments and therapies is on the rise, driven by the increasing prevalence of chronic diseases such as cancer and cardiovascular disorders. The global market for complementary and alternative medicine is growing due to these factors, as well as the rising costs and adverse effects associated with traditional pharmaceuticals. Additionally, the adoption of new strategies by major organizations, such as partnerships, mergers, and acquisitions, may bring about fresh perspectives in the years to come. The expansion rate of the market is significantly influenced by the increasing healthcare spending aimed at upgrading its infrastructure. Initiatives by government organizations to enhance healthcare infrastructure through increased funding will also have a substantial impact on market dynamics. Furthermore, the market for complementary and alternative medicine will continue to expand due to the growing awareness initiatives by both public and private organizations. This expansion is attributed to changing lifestyles and an aging population.
Global Complementary and Alternative Medicine Market Regional Insights
North America dominates the complementary and alternative medicine market because of the growing population with serious disorders and rising healthcare expenditure, which will further propel the market’s growth rate in this region. Additionally, the growing presence of skilled professionals will further influence the market’s growth rate in this region
Asia-Pacific is expected to grow during the forecast period due to the surging use of health supplements and the easy availability of herbal supplements in this region. Also, the development of healthcare infrastructure will further propel the market’s growth rate in this region.
Global Complementary and Alternative Medicine Market Segmentation
By Intervention
- Traditional Alternative
- Medicine/Botanicals
- Mind Healing
- Body Healing
- External Energy
By Product
- Vitamins
- Minerals
- Herbal products
- Others
By Diseases
- Cancer
- Diabetes
- Chronic pain
- Coronary artery disease
- Others
By Distribution Channel
- Direct Sales
- E-sales
- Distance Correspondence
- Other
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Global Complementary and Alternative Medicine Market Key Competitors include:
- North America
- Pure Encapsulations, Inc.
- Unity Woods Yoga Center
- Quantum-Touch
- Geriatric & Medical Companies, Inc.
- Helio USA Inc.
- Merck Sharp & Dohme Corporation
- UAS Laboratories.
- Columbia Nutritional LLC
- Nature’s Bounty
- Europe
- Weleda AG
- Nordic Nutraceuticals
- First Natural Brands Ltd.
- Bach Flower Remedies Ltd.
- Pukka Herbs Ltd.
- Asia Pacific
- Ramamani Iyengar Memorial Yoga Institute
- Sheng Chang Pharmaceutical Company
- Ayush Ayurvedic Pte. Ltd.
- NatureKue
- LKK Health Products Group Limited
- Herbal Hills
- ALCES LLP
- Middle East & Africa:
- The Healing Company Ltd.
Key questions answered in the Global Complementary and Alternative Medicine Market are:
- What is Global Complementary and Alternative Medicine?
- What is the current growth rate of the Global Complementary and Alternative Medicine Market?
- Who are the key players in the Global Complementary and Alternative Medicine Market?
- What are the factors affecting growth in the Global Complementary and Alternative Medicine Market?
- Who held the largest market share in the Global Complementary and Alternative Medicine Market?
- What is the demand pattern for the Global Complementary and Alternative Medicine Market?
- What are the opportunities for the Global Complementary and Alternative Medicine Market?
- What are the strategies used by competitors in the Global Complementary and Alternative Medicine Market?
- What are the growth prospects in developing countries for the Global Complementary and Alternative Medicine Market?
- Which segment is expected to witness the fastest growth and why in the Global Complementary and Alternative Medicine Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by Intervention, Product, Diseases, Distribution Channels, and Region
- Competitive Landscape – Profiles of selected key players by region in a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Healthcare research firm, has also published the following reports:
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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